US domestic rebar and wire rod prices remained flat this week amid continued low domestic demand, however, most insiders told SteelOrbis they think prices are still likely to trend higher as we continue into the fourth quarter, fueled by the growing outlook for potentially higher steel tariffs in the new year which could further reduce long steel imports.
“There isn’t much movement in the market at all, and I don't expect any before next week,” said one SteelOrbis long steel market insider ahead of Thursday’s Thanksgiving Day holiday.
In the weekly rebar spot markets, domestic supply on an FOB mill basis is assessed with most transactions noted at $36.00-37.00/cwt. ($720-740/nt or $793.67-815.71/mt), on average $36.50/cwt. ($753/nt or $804.69/mt), unchanged from seven days ago.
In the domestic wire rod market, most transactions were reported steady this week at $39.00-41.00/cwt. ($780-820/nt or $860-904/mt), or an average of $40.00/cwt. ($800/nt or $882/mt). Late reports of limited domestic wire rod availability at a slightly lower $39.50/cwt. ($790/nt or $870/mt) were unable to be confirmed at press time.
Market insiders said continued slack demand for finished steel thus far in November is limiting the effect of reduced wire rod production from Liberty Steel’s downed wire rod facility in Peoria, Illinois. At last report, the unit is expected to remain shuttered until at least March 3, 2025. Also, last week, Insteel announced the closure of its Warren, Ohio industrial wire facility at the end of November.
At last report, US steel scrap is forecast to settle at soft sideways to sideways to November values, a bit less than week-ago reports calling for sideways pricing, market insiders said.